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What is GDP

  • a)
    Value of all final goods and services produced within the domestic territory of the country over one year period

  • b)
    Value of all intermediate goods and services produced within the domestic territory of the country over one year period

  • c)
    Value of all final goods and services produced within the domestic territory of the country over ten year period

  • d)
    Value of all final goods and services produced within the national territory of the country over one year period

Correct answer is option 'A'. Can you explain this answer?
Verified Answer
What is GDPa)Value of all final goods and services produced within the...
GDP stands for "Gross Domestic Product" and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.



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What is GDPa)Value of all final goods and services produced within the...
Gross Domestic Product (GDP) is the broadest quantitative measure of a nation's total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.
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What is GDPa)Value of all final goods and services produced within the...
GDP relates to overall value of goods and services produced within the country
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What is GDPa)Value of all final goods and services produced within the domestic territory of the country over one year periodb)Value of all intermediate goods and services produced within the domestic territory of the country over one year periodc)Value of all final goods and services produced within the domestic territory of the country over ten year periodd)Value of all final goods and services produced within the national territory of the country over one year periodCorrect answer is option 'A'. Can you explain this answer?
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